topic Re: NFCC Choice Buyers Program in Mortgage Loans

NFCC Choice Buyers Program

Anonymous — Thu, 08 Jun 2017 20:27:24 GMT

Hello All,

I am applying for a mortgage loan next weekend with Navy Federal. My dilema is; I co-signed a car for my son, $27,000 in 2015. The car is his, and he makes the payments. Will NFCC take a letter from him stating it is his debt and not mine? I'd really like to know before I apply so I can be ready with the documentation.

Any help is greatly appreciated.

My mother and I are buying the house together and we live in Texas. Her scores are in the 800's, mine are EQ: 671, TU: 687, EX: 682.

Re: NFCC Choice Buyers Program

kc0039 — Thu, 08 Jun 2017 21:43:27 GMT

@Anonymous wrote:
Hello All,

I am applying for a mortgage loan next weekend with Navy Federal. My dilema is; I co-signed a car for my son, $27,000 in 2015. The car is his, and he makes the payments. Will NFCC take a letter from him stating it is his debt and not mine? I'd really like to know before I apply so I can be ready with the documentation.

Any help is greatly appreciated.

My mother and I are buying the house together and we live in Texas. Her scores are in the 800's, mine are EQ: 671, TU: 687, EX: 682.

Letter of explanation from you and your son and 12 most recent months of cancelled checks or 12 months of most recent bank statements (must show ONLY his name on the statement, don't block anything out, and all pages per statemtent) showing the amount being paid for the car.

If your name is on the statements, it will be counted as your debt.

Re: NFCC Choice Buyers Program

Anonymous — Fri, 09 Jun 2017 20:04:53 GMT

kc0039,

Thank you for the information! This has been weighing me down. All bank statements are in his name. I will start getting the past 12 months together today. Will the letter need to be notarized?

Again, appreciate the help!

Taz63

Re: NFCC Choice Buyers Program

kc0039 — Mon, 12 Jun 2017 13:14:27 GMT

The letter does not need to be notarized